Business: Current Situation: Nov. 12, 1923

The center of the American busi
ness stage has been almost monopolized by the stock market during the
past week. Ten days ago share prices were distinctly weak; of the
speculative "leaders," Can declined ¼ in a day, Baldwin ⅞,
Studebaker ⅞, Steel 1⅛. Even the reliable chain stores sold off
sharply. Stewart Warner dropped 3¾.

Then came the turn. Late one
afternoon, U. S. Steel revealed a fine quarterly statement, declared an
extra dividend of ¼. Next morning, by curious coincidence — if it was
a coincidence — the redoubtable Jesse L. Livermore...